Pre-Order Richard Wagner's Mind, Society and Human Action

|Peter Boettke|

Richard Wagner's new book reflecting his effort at reconstruction of the main ideas of neo-Mengerian economics and its implications for contemporary social science will be published in early 2010.  Wagner's last book Fiscal Sociology and the Theory of Public Finance (Edward Elgar, 2007) represented a major contribution to public choice and political economy.  Mind, Society and Human similarly represents a major contribution to contemporary Austrian economics.  It is this joint appreciation for these two strands of economic liberalism that has always been one (among many) of Wagner's great strengths as an economic thinker (see his essay from the 1980s on "booms, busts, and political business cycles", or his wonderful book To Promote the General Welfare from 1990s).

The book summary from the publisher states:

Economics originated as a branch of the humane studies that was concerned with trying to understand how some societies flourish while others stagnate, and also how once-flourishing societies could come to stagnate. Over the major part of the 20th century, however, economists mostly turned away from these human and societal concerns by importing mechanistic ideas of 19th century physics.  This book seeks to show how the original human and social focus can be renewed.

The many particular topics the book examines can be traced to two central ideas. Firstly, that economic theory, like physics, requires two distinct theoretical frameworks. One treats qualities that are invariant across time and place; this is the domain of equilibrium theory. The other treats the internal generation of change in societies through entrepreneurial action that continually transforms the ecology of enterprises that constitutes a society. Secondly, economic theory is treated as a genuine social science and not a science of rationality writ large. The book also explores ways in which life in society is understood differently once economics is treated as a social science.

The book will be useful to professional audiences who work with economic theory and who find that much of the hyper-formality that comprises economic theory these days fails to make reasonable contact with reality. It will also be of interest to sociologists, political scientists, and researchers in law, public policy, Austrian economics, evolutionary economics, institutional economics and political economy.

Comments

[Brian Pitt]

I agree with Adam Martin. Richard Wagner may be the most underappreciated member of the Virginia School of Political Economy. I am looking to giving this book a thorough read.

[Sinclair Davidson]

While I appreciate the efforts of the US government to debase the currency and the forex rate so reducing my monthly Amazon bill, a US$130 is still a bit steep. Especially when you want to recommend that students read the book.

[Dain]

There is so much free information out there, I've nearly given up buying it. That includes books.

[Pietro M.]

I'm looking forward to buying it in paperback. :-(

[Peter Boettke]

Without disputing the fact that there is a vast amount of information available for free online, I have two responses that I hope will make those who rely exclusively on free information for their studies. First, remember that you get what you pay for. There is a ton of free information, but precious little knowledge. Isn't it worth paying for the tools that help teach one how to transform information into knowledge? Second, don't people use libraries anymore? Note that in the book ad, there is a card to submit to your librarian to order the book. And even if your library doesn't own a copy, somebody nearby will and there is a thing called inter-library loan. Or do we only read now what we own as well as what we can read on a computer screen?

Pete

[Wolff]

$130 is an unfortunate price for those of us who like to own and mark up our books for referencing in the future. It seems an overwhelming majority of academic books including hardcover are available for purchase for 1/4-1/3 of that price. I just don't understanding the pricing decision of this book if the idea is to disseminate sound economic knowledge to the widest possible audience.

[Josh]

The market is a harsh mistress!

[GilesS]

" Second, don't people use libraries anymore? Note that in the book ad, there is a card to submit to your librarian to order the book. And even if your library doesn't own a copy, somebody nearby will and there is a thing called inter-library loan."

I've been amazed at some of the stuff I've been able to find in my university library (the most impressive being the Kirzner edited collection in honour of Lachmann).

That said, I've been unable to find one or two books for less than £100 even looking in libraries, Don Lavoie's "Hermeneutics and Economics" being one.

[Peter Boettke]

Just a short note, authors and editors have almost zero influence on the pricing decisions of academic books. This is a decision made by the publisher and based on a variety of factors.

[Barkley Rosser]

The usual calculation being made by publishers in such cases is that they are going to sell a break even amount to libraries, which, last time I heard, was about 400 copies. Anything above that is gravy.

[GilesS]

Is there any particular reason for hardbacks being so much more expensive than paperbacks?

[Sinclair Davidson]

Pete - I didn't mean to derail the thread into a book pricing exercise, sorry about that. Yet it seems to be an important issue. I entirely agree that there is a distinction between what you can pick up for free on the net and what you buy.

Barkley - that is the argument that is made to justify the prices, yet I'm not convinced. Textbooks are also expensive, and I understand the argument there is about second hand markets. But again, not entirely convincing. Novels must face the same competition issues (if not greater) and their prices are a lot lower.

Picking up on Wolff's point, I like to reread passages and dip into books from time to time, rereading sections and so on. That reading model implies ownership and having a book close to hand. To be sure, I should have to pay for the privilege of my reading preferences. At the same the library model, assumes that the market for the book is other academics with access to a university library.

Anyway, just some thoughts.

[Adam]

Adam's first law: Richard Wagner is underrated.

Adam's second law: Multi-item meals are enhanced by roasted red peppers.

I know of no exceptions to these laws.